After Macau posted better-than-expected monthly gambling revenue Tuesday, some "Fast Money" traders contended that Wynn Resorts shares could continue to rise.
The Chinese territory said gambling revenue fell 0.1 percent in February year over year to 19.5 billion patacas ($2.4 billion), beating analysts' expectations of a 2 to 10 percent drop. Macau gambling revenue has fallen 21 straight months, but February was the smallest decline in 20 months.
Wynn, a major casino operator, posted net revenue of $555.7 million for its Macau unit in the fourth quarter. The segment has hit its business, but Wynn shares have climbed 22 percent this year.
"If you want to take profits here, that's fine. I still think there's room to the upside," said trader Guy Adami, who said the stock could climb to $100 per share from its Tuesday closing price of about $85.
Trader Pete Najarian agreed with Adami, contending that the stock could rise to $100 per share. Trader Karen Finerman also argued that she would not sell Wynn shares after the rise.
However, shareholders may want to sell at current levels, as Wynn stock may not be able to sustain the current momentum, argued trader Dan Nathan.
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Karen is long BAC, C, FL, GOOG, GOOGL, JPM, LYV, KORS, M, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, FINL, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, NRF, PLCE, SPY puts, URI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.
Long AAPL, BAC, BMY, DIS, DISCA, GE, KMI, KMI-A, KO, MRK, PEP, PFE, SAVE, VIAB, he is long calls AAL, AMJ, BAC, BHP, DAL, FDX, GDX, GE, HAIN, HBAN, LC, MDLZ, MPZ, NRF, POT, RHT, SLV, SWN, UAL, USG, WMB, WYNN, ZIOP, he is long puts DB, EWH, RIG, VLO.
Dan is long PFE buy-write, long TWTR, long UUP March calls, long GE May 28 puts, long JPM April puts, long XLP March put spread, long XRT March puts, long XLB March puts, long HD put butterfly, long QQQ puts, long INTC March/April put spread